Technavio has published a new report on the global loan servicing software market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the
global loan
servicing marketfor 2017-2021. The report also presents
a detailed analysis of the key vendors in the market, along with a
comprehensive analysis of the emerging trends and challenges faced by
the vendors.

According to Amit Sharma, a lead analyst at Technavio for enterprise
applicationresearch, “Loan servicing software has
emerged as a feasible software solution that allows the banks, credit
unions, and startup loan servicing operations to manage a higher volume
of loans. It also performs the day-to-day needs of portfolio management
as well as complete reporting capabilities.

Technavio’s sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.

Technavio ICT
analysts highlight the following three market drivers that are
contributing to the growth of the global loan servicing market:

Need for automated process

Need to comply with multiple regulations

Supports multiple loans types

Need for automated process

The increasing demand for the lending market has given rise to efficient
loan servicing software that helps the lenders in managing loan
databases and debt collection activities. Loan servicing software works
at a very high speed as compared to manual loan processing and
origination. This software does not require any workforce to operate it.
Therefore, loan servicing software is increasingly being adopted by
insurance companies, commercial lenders, credit unions, consumer loan
providers, and structured settlement companies because of the highly
flexible and dynamic features provided by the vendors in their loan
servicing software offerings.

“Loan servicing software automates loan decisions and is a big factor
in increasing the speed of service and borrower satisfaction.
Furthermore, it eliminates the need for slow and error-prone manual data
entry and paper submission,” says Amit.

Need to comply with multiple regulations

Organizations are expected to follow regulatory requirements to protect
and manage the corporate information. Governments of many countries are
enforcing acts and policies, such as Sarbanes–Oxley (SOX) Act and the
Health Insurance Portability and Accountability Act (HIPAA) in the US,
and data breach notification laws that companies need to comply with for
conducting business effectively.

Enterprises in the banking, insurance, and healthcare sectors develop
rigorous IT security policies to comply with external regulations as
they deal with sensitive information. Loan servicing software reduces
the manual work with automation and secure delivery of critical
information. This has encouraged end-users, especially mortgage banks
and credit unions, to adopt loan servicing software that meets the
necessary regulatory requirements. Thus, the need for regulatory
compliances has also increased investments in loan servicing software.

Become a Technavio
Insights memberand access all three of these reports for
a fraction of their original cost. As a Technavio Insights member, you
will have immediate access to new reports as they’re published in
addition to all 6,000+ existing reports covering segments like IT
hardware,IT
professional services, andIT
security. This subscription nets you thousands in
savings, while staying connected to Technavio’s constant transforming
research library, helping you make informed business decisions more
efficiently.

About Technavio

Technaviois a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

If you are interested in more information, please contact our media team
at media@technavio.com.